Our loan papers have finally been resubmitted to the underwriters. We now have a closing date of 3/31/15 that can be moved up if the underwriters clear everything. Even with that, the loan processor just threw a small snag into the works- figures right? We have completed our 2014 taxes and owe a few hundred dollars. My husband and I are use to this by now because we now fall into a tax bracket were a lot of the credits we use to be able to claim- we can no longer claim. So at the end of the year, even with us claiming no dependents through out the year, they want a little bit more. Normally we write a check, and be done with it until next year. This year- every dollar counts and so simply writing a check RIGHT at this point we can not do. So the plan was to click the send button on April 15th. Nope- they want confirmation that the taxes were completely filed including payment. Our loan processor says she will check with underwriting to see if this absolutely necessary. I warned her we could file but we would ask for a short term payment plan (something like 2-3 months). Somehow the last week of pulling together assets escaped her and she now thinks, no big deal just write the check.
Now you ask- what's the big deal? When we decided to make the purchase of the new home non contingent, we did not know that the mortgage company would then ask for 6 months of reserves to cover for BOTH mortgages. So the assets we had, was still short of what they wanted. Thus a mad scramble to come up with the rest of the cash. Now this is not so bad as we feel we can sell our current home relatively quickly but again- that will take another 6 weeks compared to the urgency of now. We came up with the cash but it has put us in a "Don't touch anything!" mode. And now you know why we have been a little jumpy. Okay that and the fact we had to kill a whole tree to prove that our income was a lot more than what they said. Geez- I knew our DTI wasn't as high as they claimed!